SEC Twitter Account Breach Causes Momentary Bitcoin Surge and Fall

By: Isha Das

The U.S Securities and Exchange Commission's (SEC) Twitter account was reportedly compromised, causing a temporary spike in Bitcoin's value. Gary Gensler, the SEC Chairman, confirmed the security breach on Twitter, stating that the SEC hadn't approved any Exchange-Traded Funds (ETFs).

Earlier, it was inaccurately reported that the SEC had given the green light for the listing and trading of Bitcoin spot ETFs, following a tweet from the SEC's compromised Twitter account. This tweet, which was unauthorized, stirred intense activity within the crypto market, propelling Bitcoin to a two-year high.

However, as the truth of the account compromise emerged, Bitcoin's value took a sharp downturn. Crypto market observers underscore the volatile risks associated with validating significant financial decisions based solely on social media information, further highlighting the need for robust security systems.